Building society savings protection

  So Afraid 11:04 11 Mar 2008
Locked

My parents have savings with the Bradford & Bingley,do they have the same savings protection as banks.

  GANDALF <|:-)> 12:10 11 Mar 2008

Yes. Institutions authorised by the Financial Services Authority, such as banks and building societies, are covered by the Financial Services
Compensation scheme. This only guarantees to protect £31,700 of your money. Your parents will receive 100 per cent of the first £2,000 you have in savings, and 90 per cent of the next £33,000. Anything over £33k will be a total loss in theory.

G

  Pamy 12:56 11 Mar 2008

That has now changed since the Nothern Rock trouble. £35000, is fully covered by FS

  grumpy-git 15:59 11 Mar 2008

Good page to read on moneysavingexpert.com

click here

g-g

  So Afraid 20:25 11 Mar 2008

Thanks for the help.

Also the link,i notice a northern rock savings account gets a good mention,would people feel a bit wary of northern rock? or is it as safe as the rest for now.

  anchor 14:13 12 Mar 2008

Having government backing N/Rock is at least as safe as the others; possibly even more so.

  So Afraid 20:49 12 Mar 2008

Same as national savings then.

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